MOSCOW, February 11 (RIA Novosti) - Russian President Vladimir Putin said Saturday that Russia was ready to repay $11.9 billion to the Paris Club ahead of schedule.

He said this would "contribute to the poorest countries' development."

"It is well known that some creditor countries experience a lack of free financial resources, and they will be able to use funds received from Russia to honor their commitments to the International Development Association on compensating poorest countries' debt write-offs," Putin said.

"In turn, Russia is ready to additionally pay the association up to $587 million to cover the deficit remaining on its balance - the so-called structural gap," the Russian leader said.

Finance Minister Alexei Kudrin said Monday that Russia was ready to clear the debts of the world's 16 poorest nations, worth around $688 million.